Increasing demand for GMO crops to boost glyphosate market
Selbyville, Delaware, United States, November 4 2020 (Wiredrelease) Global Market Insights, Inc –:Glyphosate market size has always been concentrated with four manufacturers that have garnered nearly 50% of the revenue globally in the year 2015. DuPont, Dow AgroSciences and Monsanto are key market players influencing the product supply and consumption trends.
U.S. glyphosate market share racked up more than USD 450 million from GMO crops in 2015. There has been an increasing inclination towards using treated and genetically modified food to be able to sustain the supply stability accompanied by the steady rise in the consciousness regarding agrochemical benefits.
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Surging areas of cultivable land found in Russia has opened growth avenues for the product in the industry. Major technological advancements in the agriculture sector have only added up to the driving factors impacting Russia glyphosate market forecast that is expected to amass gains of more than 2.5% by 2024.
Despite the progress in farming cultivation and crop yield due to the technological advancements as well as certain regulations to boost market growth, the glyphosate industry trends have witnessed hindrances. For instance, Europe glyphosate market size is expected to experience stagnant growth owing to the strict regulations passed by the government concerning the harmful effect of herbicides.
High population growth rate globally has amplified the demand for food. The need to increase the crop yield along with its quality and to spread adequate awareness among the farmers to enhance the plant growth will drive the global glyphosate market forecast.
Glyphosate, comprising of isopropylamine, is mainly a crop desiccant and an organophosphate herbicide that is used by the landowners and the farmers to produce genetically modified crops like maize, tea plantations, sorghum, wheat, soya bean, cotton, and sunflower. The substance is also popularly used to control the growth of several crops in gardens, forests, fields, public spaces, farmlands, and fields which is supporting the demand over time.
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